Govt commended by Japanese Ambassador for its role in improving business environment

BOI urges Japanese investors to take advantage of Colombo Port City project

By Sanath Nanayakkare

Sri Lankan Government is playing an appreciable role in improving the investment environment to attract foreign investments to Sri Lanka, Akira Sugiyama, Ambassador for Japan in Sri Lanka said recently.

He said that ‘Public-Private Joint Forum’ held for Japanese companies in Sri Lanka provides an opportunity for Japanese companies to discuss and resolve issues faced by them with the cooperation of the Sri Lankan government.

The Ambassador made these remarks at the Sri Lanka Investment Forum 2021, held through June 7-9 on a virtual format.

“A good relationship is not only the connection between countries, but also the connection between people. The deep relationship of trust between business people in both countries is cultivated through trading and it supports bilateral relations”.

He pointed out the importance of Japanese style management method “5S” (Organisation, tidying, cleaning, cleanliness, discipline) which is widely used and how it has contributed greatly to the improvement of the quality of the labor force in Sri Lanka. In terms of human resource development, Japan-Sri Lanka Technology and Culture Association (JASTECA) plays a central role,” he said. The Ambassador concluded by assuring the best possible cooperation towards business and investment in Sri Lanka.

Meanwhile, BOI Chairman Sanjaya Mohottala said, “Japan has been a long-standing partner of Sri Lanka’s growth, particularly supporting the country’s infrastructure development and facilitating the exchange of knowledge and technology as a pioneer investor.”

“The Japanese service sector is now presented with a great opportunity to benefit from the economic tailwinds and the growth that Sri Lanka has to offer by taking advantage of the Port City project.”

Sri Lankan Ambassador in Tokyo, Sanjiv Gunasekara said, “There is more that we can do in the way of economic relations between the two countries. Specifically, in the areas of information technology, software development, high tech manufacturing, agriculture and pharmaceutical industry.”

Tadashi Ogura, Chairman, Noritake Co. Ltd, Japan mentioned the advantages of access to priority export markets such as India and Pakistan and the EU.

Rajeeva Bandaranaike, Chief Executive Officer- Colombo Stock Exchange spoke on investing in the Financial Market in Sri Lanka said, “The CSE has been one of the fastest growing markets in the region, giving attractive returns. The Daily Average Market Turnover for the year is at USD 22mn and our valuations at 13.5 times is attractive relative to other markets in the region. Our dividend yield is at 2.4 %, which is higher than most other markets in the region. Corporate profits of our listed companies are at an all time high. Higher returns and lower valuations of the CSE compared to regional peers makes the Colombo Stock Exchange an attractive investment option.”